The centerpiece of the GOP tax reform plan is to reduce corporate tax rates from 35 to 20 percent.

“That said, the potential regulatory and rating agency reactions are highly unclear, as capital thresholds could be reduced and RBC formula changes could also take time,” Krueger wrote.

Future earnings would also increase and Torchmark “would not anticipate changing its share repurchase plans in this scenario,” he added.

“This could impact all life insurers,” not just Torchmark, Krueger wrote.

In a research note to clients published earlier this month, Morgan Stanley analyst Nigel Dally wrote that risk-based capital ratios were expected to come under “meaningful pressure,” from any tax rate changes.

Analysts this week and next will be looking for guidance from insurers on the significance of those pressures.

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Torchmark’s subsidiaries specialize in life and supplemental health insurance for the middle-income market and the company’s subsidiaries sell insurance contracts through direct response, exclusive and independent agency channels.

The holding company is based in McKinney, Texas, 30 miles north of Dallas.